Viet Nam, UK eye further bilateral trade

Updated  September, 12 2015 08:46:37
 LONDON (VNS)— The Vietnamese Government will create optimal conditions for British businesses to strengthen co-operation and invest in Viet Nam, Deputy Prime Minister Vu Van Ninh said at the Viet Nam Economic Forum in London on Thursday.

Viet Nam was striving to finalise its market economic institutions, change its growth model and improve its competitive edge, Ninh said. The country’s economy had maintained high growth rates and curbed inflation, he said, citing the expected national gross domestic product (GDP) growth of 6.5 per cent, the highest pace since 2011.

According to the official, Viet Nam is aiming for trade values of US$350 billion this year and $600 billion by 2020.

Given world economic uncertainties, including the depreciation of the Chinese yuan, plunging world stocks and dropping oil prices, the Government had put forth suitable countermeasures, he said.

Hailing Viet Nam’s reform efforts to boost socio-economic development, Prince Andrew, Duke of York, said the UK encouraged its businesses to invest in Viet Nam, while welcoming those from the Southeast Asian nation to his country.

Britain is now Viet Nam’s leading partner in the EU in terms of investment, trade and education.

It also ranks 15th among 105 countries and territories investing in Viet Nam with a total capital of $4.5 billion.

Paul Smith, chairman of the UK’s Harvey Nash Group, told Vietnam News Agency correspondents that the favourable business environment would help Viet Nam’s economy rise in annual ratings.

Attracted by such good conditions, British businesses have paid more attention to Viet Nam than other Southeast Asian nations in recent years, he said.

Later the same day, Ninh held a meeting with Prince Andrew to discuss measures to forge collaboration between the two countries.

The Vietnamese official said he hoped the prince and the rest of the British royal family would pay more heed to and continue their support for bilateral ties, especially in trade, investment, culture, education, science and technology. — VNS

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